Wealth

The landscape of tax audits is shifting, with state tax collectors ramping up their efforts to target high earners. In New York alone, there were a staggering 771,000 audits in 2022, representing a significant 56% increase from the previous year. Surprisingly, this uptick in audits comes at a time when the number of auditors in
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Wealthy U.S. families are increasingly seeking second citizenships and national residences as a way to mitigate their financial risk. This trend has been highlighted by a leading law firm that specializes in high-net-worth citizenships. The concept of “passport portfolios” has gained popularity among the wealthy, with many individuals now holding multiple citizenships to hedge against
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The wealth of the top 1% hit a record $44.6 trillion at the end of the fourth quarter, driven by an end-of-year stock rally. This group, defined by the Federal Reserve as those with wealth over $11 million, saw their total net worth increase by $2 trillion. The gains were primarily from their stock holdings,
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When it comes to planning for retirement, it’s essential to explore all available options to lower your tax bill and boost your savings. One lesser-known strategy that can benefit married couples is the spousal IRA. This unique opportunity allows non-working spouses to contribute to an individual retirement account, providing a current-year tax break and increasing
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The Mega Millions jackpot, which reached an astounding $1.1 billion, poses significant financial challenges for potential winners. While the grand prize is not as high as last year’s record $1.6 billion, winners still need to navigate through various obstacles to secure their winnings. With two payout options available – a lump sum of $525.8 million
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Micromanagement, a common leadership style that often evokes strong opinions, has been a point of discussion in recent times. Mark Cuban, the well-known billionaire entrepreneur, recently shared his thoughts on micromanaging on social media. According to Cuban, constant micromanaging is a red flag indicating that something is amiss. However, he did acknowledge that in certain
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In a groundbreaking move, Singapore is revolutionizing its border control procedures by going “passport-free” at its land border with Malaysia. This initiative aims to streamline immigration clearance processes and enhance security measures to accommodate the increasing number of travelers passing through these checkpoints. The QR Code System Effective immediately, travelers crossing the border between Singapore
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